Provenir, a global leader in AI-powered risk decisioning software, today congratulated its customer and partner NewDay for winning the ‘Best use of IT in Consumer Finance’ category at the 2024 FSTech Awards Gala.
The FStech Awards celebrates the outstanding achievements of companies within the financial services https://www.fstech.co.uk/awards/ sector across the UK and EMEA. Among the accolades, the 'Best Use of IT in Consumer Finance' category recognises organisations that have made significant strides in leveraging innovative technology to unlock cost efficiencies, streamline internal workflows, elevate customer service, and pave the way for future growth. Selected by an independent panel of expert judges, the winners of this category represent the pinnacle of innovation and excellence within the industry.
As a leading provider of consumer credit in the UK, NewDay provides responsible access to credit to nearly 4 million customers. Distinguished by its technology-enabled flexibility and innovation, NewDay offers a range of direct-to-consumer products as well as collaborations with leading retail merchants. Their merchant offering features a comprehensive suite of services, including co-branded credit cards and Newpay—a flexible digital finance platform catering to the diverse requirements of both large retailers and small-to-medium enterprises, which includes Buy Now Pay Later and instalment finance options.
Through re-architecting the entire acquisition platform, including the implementation of Provenir’s AI-Powered Risk Decisioning Platform, NewDay has transformed its credit risk management, securing a distinct competitive advantage in the consumer credit market. This partnership has led to significant enhancements across NewDay's lending process, including streamlined operations, cost reductions, and enhanced customer experiences. Combining Provenir's sophisticated model environment and extensive data integration with NewDay’s leading proprietary credit modelling, NewDay has achieved faster delivery cycles with notable benefits, including the ability to process decisions in less than one second (2.5x faster than the previous solution) and an 80% improvement in speed of change.
"The Provenir team would like to extend our congratulations to NewDay on this well-deserved honour,” said Frode Berg, Managing Director, EMEA at Provenir. “We are thrilled to partner with NewDay in their credit risk management journey and are proud to see that our collaboration has not only positioned NewDay for future technological advancements but has also set an exemplary standard for strategic technology utilisation in the consumer finance industry."
